iRhythm Technologies (NASDAQ:IRTC) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a sell rating to a hold rating in a research report released on Thursday morning.

IRTC has been the topic of a number of other reports. Wolfe Research raised iRhythm Technologies from a peer perform rating to an outperform rating and set a $115.00 price target on the stock in a report on Thursday, June 20th. Robert W. Baird decreased their target price on iRhythm Technologies from $120.00 to $110.00 and set an outperform rating on the stock in a research note on Friday, August 2nd. Truist Financial restated a buy rating and issued a $117.00 price target (down from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. Needham & Company LLC reduced their price objective on shares of iRhythm Technologies from $138.00 to $119.00 and set a buy rating on the stock in a research report on Friday, August 2nd. Finally, Oppenheimer dropped their target price on shares of iRhythm Technologies from $165.00 to $145.00 and set an outperform rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $118.67.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock opened at $70.00 on Thursday. The stock’s fifty day moving average is $77.11 and its 200 day moving average is $93.73. iRhythm Technologies has a one year low of $60.88 and a one year high of $124.11. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92. The stock has a market cap of $2.18 billion, a P/E ratio of -16.55 and a beta of 1.22.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. The firm had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The business’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.61) EPS. Sell-side analysts anticipate that iRhythm Technologies will post -2.66 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Brice Bobzien sold 1,372 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the transaction, the chief financial officer now owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mervin Smith sold 688 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the sale, the executive vice president now owns 10,360 shares of the company’s stock, valued at $773,477.60. The disclosure for this sale can be found here. Insiders sold 6,476 shares of company stock valued at $521,081 in the last three months. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Large investors have recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in iRhythm Technologies by 1.6% in the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock worth $772,000 after purchasing an additional 113 shares during the last quarter. SeaCrest Wealth Management LLC boosted its holdings in iRhythm Technologies by 7.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after acquiring an additional 150 shares during the period. Ascent Group LLC boosted its holdings in iRhythm Technologies by 4.6% during the 1st quarter. Ascent Group LLC now owns 3,980 shares of the company’s stock valued at $462,000 after acquiring an additional 175 shares during the period. Swiss National Bank grew its position in iRhythm Technologies by 0.3% in the 1st quarter. Swiss National Bank now owns 60,500 shares of the company’s stock valued at $7,018,000 after acquiring an additional 200 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after purchasing an additional 277 shares during the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.